Crypto News

BitGo Rolls Out NFT Hot Wallet & Custody Solution


BitGo, digital asset custody, liquidity, and security provider, launched its first US-qualified non-fungible token [NFT] hot wallet and custody solution.

According to the announcement post, the new custody provider allows users to interact with a variety of decentralized marketplaces, including OpenSea, Looks Rare, ArtBlocks, Gem, Rarible, and so on.

“Leveraging multi-signature security and 24/7/365 withdrawal access and support, BitGo enables the company’s 700 institutional clients to securely receive, hold, and send NFTs. It’s compatible with the ERC-721 and ERC-1155 protocols, as well as Crypto Punks,” the press release read.

The NFT industry has taken massive strides in the crypto market despite gaining mainstream status for about a year. Throughout 2021, its growth was nothing short of phenomenal, making ordinary people overnight millionaires.

But in the recent crypto market meltdown, so many sectors in the market have taken a beating, be it in price or in community support. However, NFTs have relatively fared well as evident from their trading volume growth levels.

Despite widespread FUD, it has at least not got stagnated as feared. For instance, at the beginning of June, the NFT market volume stood at $62.2 billion. Now, this volume has risen to almost $63.4 billion.

Although the increase is marginal and not significantly large, it goes to show how investors are looking at the sector during this turbulent time. NFT collections continue to record notable daily sales across the various marketplaces.

Echoing similar sentiments, Mike Belshe, CEO of BitGo said,

Since 2013, BitGo has been dedicated to serving institutional investors and enterprises looking to safely hold digital assets. We were instrumental in building out the guardrails that helped the industry get to this point and now it’s time we do the same for NFTs.

BitGo Process 20% Of All Global Bitcoin Transactions

Per its website- www.bitgo.com, the crypto firm offers trading, lending, and borrowing services and acts as the custodian for WBTC, the leading global stablecoin for Bitcoin.

On top of that, BitGo processes roughly 20% of all global Bitcoin transactions and supports over 500 coins and tokens. Its customers include cryptocurrency exchanges and institutional investors from over 50 nations around the globe.



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